Study says usage-based insurance worth US$4.8 billion globally

The latest usage-based insurance global study from Ptolemus Consulting Group indicates that, since the release of the first study in 2012, the market share of usage-based insurance (UBI) policies has doubled. Ptolemus evaluates that five million vehicles are today covered by pay-as-you-drive (PAYD) or pay-how-you-drive (PHYD) policies. This is only six per cent of the global motor insurance market, yet represents US$4.8 billion in premiums. The study analyses the drivers behind the sector’s rapid growth
October 18, 2013 Read time: 2 mins
The latest usage-based insurance global study from Ptolemus Consulting Group indicates that, since the release of the first study in 2012, the market share of usage-based insurance (UBI) policies has doubled.  Ptolemus evaluates that five million vehicles are today covered by pay-as-you-drive (PAYD) or pay-how-you-drive (PHYD) policies. This is only six per cent of the global motor insurance market, yet represents US$4.8 billion in premiums.

The study analyses the drivers behind the sector’s rapid growth and the challenges ahead, together with a complete set of best practices to successfully launch new UBI services.

It provides an overview of the global UBI market today with four case studies and market size, together with an analysis of the insurance sector worldwide and the impact of UBI, with a synthetic analysis of the US filing process. The study also identifies the most successful UBI models and looks at which markets are most receptive to UBI, and how to increase customer acceptance where it has been implemented.

The September/October issue of 1846 ITS International magazine has a feature article on user based insurance.
Location Based Systems

For more information on companies in this article

Related Content

  • Gearing up for IntelliDrive cooperative traffic management
    February 1, 2012
    Beginning in the first quarter of 2010 it became evident that the IntelliDrivesm programme direction had been reestablished, by the USDOT's ITS Joint Program Office (JPO), after being adrift for a few years. The programme was now moving toward a deployment future and with a much broader stakeholder involvement than it had exhibited previously. By today not only is it evident that the programme was reestablished with a renewed emphasis on deployment, it is also apparent that it is moving along at a faster pa
    Read More
  • ACRS calls for Australian Government to commit to eliminating road trauma
    March 28, 2017
    The Australasian College of Road Safety (ACRS) has released its 2017 ACRS Submission to Federal Parliamentarians - The way forward to reduce road trauma, outlining what it says is Australia’s stalled progress against National Road Safety Strategy 2011-2020 targets for death and injury reduction. According to ACRS, road trauma is one of the highest ranking public health issues Australia faces , with 1,300 deaths and 37,000 injuries per year, and rising. The causes and consequences of road trauma contin
    Read More
  • Funding shortfall for US Interstate upgrades
    May 11, 2012
    Andrew Bardin Williams investigates tolling on the federal Interstate system as maintenance and upgrade requirements increasingly outpace funding The I-95 corridor through North Carolina is one of the most heavy trafficked interstates in the US, seeing upwards of 46,000 vehicles per day in some stretches-and North Carolina’s Department of Transportation (NCDOT) estimates this number will to rise to 98,000 vehicles per day by 2040. Along with the rest of the federal interstate system, the North Carolina str
    Read More
  • Electronic toll collection: Change is in the air
    November 7, 2024
    Trends in technology plus users’ comfort in adopting new advances indicate that the environment for a new electronic toll collection architecture is evolving. Hal Worrall considers what this might look like
    Read More

Highlighted Content